Democrats Target Trump’s Meme Coin with New Legislation
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A new legislative push by House Democrats is targeting the $TRUMP meme coin, which has plummeted in value since its launch.
Representative Sam Liccardo, a freshman Democrat from California, plans to introduce the MEME Act, a bill aimed at preventing high-ranking government officials and their families from profiting off digital assets like meme coins.
Liccardo argues that Donald and Melania Trump financially benefited from the cryptocurrency, which attracted early investors before rapidly losing value.
His proposed legislation would ban the president, vice president, members of Congress, and top executive officials from issuing, endorsing, or profiting from securities, commodities, or digital assets.
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While the bill is unlikely to pass under the current Republican-controlled Congress, Liccardo is rallying support, hoping to gain traction if Democrats regain the majority. He insists that public office should not be used for financial gain, warning that the Trumps’ involvement in meme coins raises concerns about insider trading and foreign influence.
The MEME Act would impose criminal and civil penalties for violations and apply retroactively, potentially impacting assets like Truth Social stock. Liccardo has already secured backing from a dozen Democratic colleagues as he prepares to introduce the bill.
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